Express Notice Of Assessment
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Happy Tax Season!
Starting today, you can file your taxes online. Don’t forget to file by April 30th to get your credits and benefits!
Tax Tip – Interest on Borrowed Money
Interest on money borrowed to make your RRSP contribution is not deductible for tax purposes.
Tax Tip – Childcare
You can claim the following childcare expenses incurred in the tax year: Caregivers, daycare centres and more.
2020 Tax Season Special
We’d like to say “thanks for being such a great client”
by offering a 2020 Tax Season Special this year
Prepare your personal tax returns with us from March 1, 2020 to March 31, 2020. And get 10% off!
Book an appointment now
Tax Tip – RDSP vs. RESP
RDSPs are very similar to RESPs. Just like RESP – contributions are not tax-deductible, investment income accumulates on a tax-deferred basis.
Tax Tip – RRSP Transfer
You may transfer RRSP fund from one RRSP to another without getting taxes.
Business Income: RRSP vs Incorporation
Did you know… RRSP gives you tax deferral which is great but once you make a contribution to your RRSP, you no longer have the money available to reinvest to your business.
TFSA – Re-contribution
Did you know… you can re-contribute amounts withdrawn from your TFSA without affecting your contribution room.
T4 Filing – Employer Needs to Know
Did you know… As an employer, you are required to give your employees or recipients their T4 slips and file their information returns with the CRA on or before the last day of February.
Non Resident Calculator Resource
Did you know CRA has a non resident calculator resource on their site? This might give you an estimate amount of what you need to report.
Tax Tip – Interest On The Money You Borrow
Tax Tip – Interest on the money you borrow in many cases is not deductible.
Tax Tip – Child Support
If you are negotiating a separation agreement, you should ensure that you are setting apart the child support component from the alimony.
Tax Tip – TFSA
You are allowed to have more than one TFSA however it is your responsibility to ensure you are not over-contributing.
Tax Tip – Spousal RRSP
If you are thinking of contributing to a spousal RRSP, there is definitely an advantage.
Tax Tip – New Training Credit
Starting Jan. 1, 2020, eligible workers aged 25 to 65 will accumulate a credit balance of $250 a year, up to a $5,000 maximum lifetime limit.
Reasons To File a Tax Return Even If You Had No Income
Why it’s wise to file taxes even if you don’t have income.
Tax Tip – Marital Status
Tax Tip – Marital Status. There are few ways to let the CRA know if your marital status has changed.
Tax Tip – Travel for Medical Reasons
You can claim expenses for travel for medical reasons (at least 40km one way) if the following conditions are met.
Personal Income Tax: TFSA
Did you know, similar to RRSP, TFSA cannot be held jointly with your spouse. It has to be held on individual basis.
Business Income vs. Family Business
If a family member has provided services for your business in 2019 ask us for advice on paying your family members.
Investment At A Loss?
If you hope to sell an investment at a loss in this year to offset the loss against capital gains, the settlement date – not the trade date – is what matters.
Now is the Time to Record Your Vehicle’s Odometer Reading!
Now is the Time to Record Your Vehicle’s Odometer Reading!
Child Care Expense – After-school programs
Did you know…After-school programs might can qualify as an eligible childcare expense?
Income from Canadian Sources
Did you know a non-resident of Canada is subject to Canadian income tax? Learn more…
Year End Tax Tip
Certain expenses made by December 31, 2019 will be eligible for 2019 tax deductions or credits.
Year End Tax Tip
If you own a business or rental property, consider paying a reasonable salary to family members for services rendered.
Year End Tax Tip
A senior whose 2019 net income exceeds $77,580 will lose all, or part, of their Old Age Security pension.
Year End Tax Tip
A Registered Disability Savings Plan (RDSP) may be established for a person who is under the age of 60 and eligible for the Disability Tax Credit.
